Are you looking for the best businesses to start with little money or no money at all? Maybe you have been looking for a way to expand your current business to make it more successful. If you expand it to have an online store, for example, you could grow your audience dramatically!
There are many businesses you can begin with very little money. If you know a lot about a particular subject, you could be a consultant. Great at research? Maybe a researcher for a newspaper or magazine or fact-checker would suit you best!
How to Start Your New Business
If you are ready to start your new business, there are a few things you will need to consider before jumping right in. The Small Business Administration (SBA) lays out the following ten steps as being necessary to starting a business.
1. Market Research
If you are ready to launch a new business with a new product or service, you should conduct market research to see if there is a demand for your product or service.
2. Business Plan
Write a business plan for your particular type of business.
3. Fund Your Business
You may need to take out a loan at a secured bank or credit union to fund your new business. Even if you do not need to fund your business (for example, if you already had the startup costs covered or if it’s online), you might still want to open a business bank account to handle your day-to-day financial transactions.
4. Choose Your Business Location
You may need to be someplace local, rent an office space, or, if you’re lucky, you can work from home.
5. Choose Your Business Entity
Depending on the type of business you wish to open, you may need business registration or personal liability insurance. Even how you file your taxes is dependent upon the type of business entity you decide upon.
6. Choose Your Business Name
Make sure your business name reflects your business’s brand and attitude!
7. Register Your Business
Once you’ve chosen your business name, you can register to make it legal. You’ll want to protect your brand.
8. Get Your Federal and State Tax Identification Numbers
An EIN is an employer identification number, a nine-digit identification number that the IRS (Internal Revenue Service) uses to identify taxpayers who are required to file business tax returns.
9. Apply for Licenses and Permits
As you run your business, you’ll want to follow all laws, so be sure you have the licenses and permits you need for your particular industry, state, and location. For example, you’ll want a business license and possibly even a registered trademark.
10. Launch Your Grand Opening
Congratulations on opening your new business! You are officially open and ready to go now!
Online Businesses to Start with Little Money
1. Become an online reseller.
Online businesses are booming, so buying and selling your products online has become quite a profitable and great business idea! If you can find a bargain, you can sell it for more than you purchased it and make some extra cash that way!
2. Write your heart out.
Have you impressed your friends and family with your fantastic writing? If you can write high-quality blog posts or content, you can make a lot of extra cash. You may even be able to become a full-time writer and quit your day job!
3. Start a podcast.
The podcast industry is now an over 90 million dollar industry! If you have something interesting to say, this is definitely worth looking into.
4. Become a social media manager.
A social media manager posts on Facebook or Pinterest, for example, for companies or professionals who don’t have the time to do it. It’s an easy way to make extra money if you have the time and know-how to do it.
5. Design logos.
Logo design is typically done by a graphic designer, but you can now make logos on the HOTH or Canva, so check out this idea!
6. Become a virtual assistant.
A virtual assistant is a behind-the-scenes worker who helps freelancers and professionals take care of the details they don’t have time or energy for. This field is only growing even bigger than before!
Service Businesses to Start with Little Money
1. Become a dog walker.
With pet adoptions being more prominent now than ever before, as people have adopted pets after being stuck at home for so long, you could make serious dough walking dogs or even training them! Pet training is actually a pretty popular service among pet parents.
2. Deliver groceries.
While many people have gotten in the habit of pulling in for groceries at their local superstore, many still prefer delivery. Learn how to do this in a thrifty way with coupons and store promotions, and make a serious dividend for your labor!
3. Become a Lyft or Uber driver.
If you meet the standards set forth by these companies (have a dependable car and driver’s license) and enjoy driving around town, you’d be surprised at how much extra cash you can make by running your own taxi service. Add some bottled water and tissues, and watch your tips grow and grow!
4. Start a pet sitting business.
As many people enjoy traveling, they find it hard to find dependable help when it comes to checking on their pets while they are out of town. Start your own service industry business with this idea, which is an especially great one if you love animals!
If you are ready to start making money with a side hustle or new business, use one of the small business ideas listed here for some great businesses to start with little money. You may be able to turn your new or side business into a really profitable business if you give it time.
Do you need help getting started with a new business? Our professional organization is made up of many different industries and careers. We can help you with tax preparation, email marketing, preparing a business model, banking, printing, and more! Find out how we can help your business today!